BCX eyes acquisitions and investment opportunities in Africa
Business Connexion (BCX), an information and communications technology (ICT) firm listed with the Johannesburg Stock Exchange (JSE), has announced its plans to invest in key African markets. The company said it is eyeing investment opportunities in Kenya and Nigeria and acquisition deals in Ghana, according to Ventures Africa.
BCX deputy chief executive officer (CEO) Vanessa Olver said the company currently has its eyes focused on the three said markets. The firm plans to establish and expand its presence in the said regions, the report detailed.
Last month, BCX purchased the whole issued share capital of ICT company Panabiz Nigeria, including 100% of Botswana-based firm Ultimate Solutions. The acquisition was done to boost its revenue from outside of South Africa. The said purchases will most likely give it a 30% increase in its revenues within the next few years, the report explained.
On Tuesday, BCX said it plans to achieve a compound return of 17% on its total equity. Its expansion plans in Africa its part of its strategy to achieve that goal, Ventures Africa reported.